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DEDUCTION UNDER CHAPTER VI-A
80 CCG): Rajiv Gandhi Equity Savings Scheme Amount of deduction –The amount of deduction is at 50% of amount invested in equity shares/units. However, the amount of deduction under this provision cannot exceed Rs. 25,000.
Section 80D :- Deduction in respect of health insurance premia paid, etc.Max limit Rs.15,000/- for below60 Years and Rs. 20,000/- for Sr.Citizen
Section 80DD :-incurred any expenditure for the medical treatment (including nursing), training and
rehabilitation of a dependant, being a person with disability
Section 80 U :- Deductions in respect of a person with disability (section 80U):
Under section 80U, in computing the total income of an individual, being a resident, who, at
any time during the previous year, is certified by the medical authority to be a person with
disability, there shall be allowed a deduction of a sum of fifty thousand rupees. However,
where such individual is a person with severe disability, a higher deduction of one lakh rupees
shall be allowable.
Section 80DDB :-Section 80DDB allows a deduction in case of employee, who is resident in India,
during the previous year, of any amount actually paid for the medical treatment
of such disease or ailment as may be specified in the rules 11DD (1) for himself
or a dependant. The deduction allowed is equal to the amount actually paid or
Rs. 40,000 whichever is less. Further the amount paid should also be reduced by
the amount received if any under insurance from an insurerer or reimbursed by
an employer. I case of a senior citizen (an individual resident in India who is of the
age of sixty years or more at any time during the relevant previous year)
the amount of deduction allowed is Rs. 60,000/-.
Deduction in respect of interest on loan taken for higher education (Section 80E):
Section 80E allows deduction in respect of payment of interest on loan taken from any
financial institution or any approved charitable institution for higher education for the purpose
of pursuing his higher education or for the purpose of higher education of his spouse or his
children or the student for whom he is the legal guardian.
Deduction in respect of interest on loan taken for residential house property (Section 80EE):
Vide Finance Act 2013, an individual is allowed a deduction upto a limit of Rs 1,00,000 being
paid as interest on a loan taken from a Financial Institution, sanctioned during the period 01-04-
2013 to 31-03-2014 (loan not to exceed Rs 25 lakhs) for acquisition of a residential house
whose value does not exceed Rs 40 lakhs. However the deduction is available if the assessee
does not own any residential house property on the date of sanction of the loan.
(Section 80G): -
Section 80G provides for deductions on account of donation made to various funds , charitable
organizations etc. In cases where employees make donations to the Prime Minister’s National
Relief Fund, the Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund
through their respective employers, it is not possible for such funds to issue separate certificate
to every such employee in respect of donations made to such funds as contributions made to
these funds are in the form of a consolidated cheque. An employee who makes donations
towards these funds is eligible to claim deduction under section 80G. It is, hereby, clarified that
the claim in respect of such donations as indicated above will be admissible under section 80G
on the basis of the certificate issued by the Drawing and Disbursing Officer (DDO)/Employer
in this behalf - Circular No. 2/2005, dated 12-1-2005.
No deduction under this section is allowable in case of amount of donation if exceeds Rs
10000/- unless the amount is paid by any mode other than cash.
Deductions is respect of rents paid (Section 80GG):
In this Section will be entitled to a deduction in respect of house rent paid by him in
excess of 10% of his total income. The deduction shall be equal to 25% of total
income or Rs. 2,000/- per month, whichever is less. The total income for working out these
percentages will be computed before making any deduction under section 80GG.
